THELOGICALINDIAN - Bitcoin amount started a beginning abatement beneath the 10800 abutment adjoin the US Dollar BTC is currently acclimation college but the 10800 akin is acceptable to act as a advertise zone
Bitcoin Price Analysis
In the accomplished few days, there were abundant losses in bitcoin amount beneath the $11,000 abutment adjoin the US Dollar. The BTC/USD brace alike bankrupt the key $10,800 abutment breadth to extend its decline. Finally, there was a breach beneath the aftermost beat low and a above abutment breadth abreast the $10,500 level. The amount acclimatized beneath the $10,800 akin and the 100 alternate simple affective average. A beat low was formed abreast the $9,784 akin and the amount is currently acclimation higher.
More importantly, it seems like the $8,880 bearish target (as discussed in the account forecast) is now in sight. In the abbreviate term, there could be an upside alteration aloft $10,200. The amount is currently trading abreast the 23.6% Fib retracement akin of the contempo bead from the $11,466 aerial to $9,785 low. However, there are abounding attrition levels on the upside abreast the $10,500 and $10,600 levels.
Moreover, there is a key bearish trend band basic with attrition abreast $10,650 on the alternate blueprint of the BTC/USD pair. The 50% Fib retracement akin of the contempo bead from the $11,466 aerial to $9,785 low is aloof beneath the trend line. The capital attrition is abreast the $10,800 akin (the antecedent abutment area). To alpha a able recovery, the amount charge achieve aloft $10,800 level.
On the downside, an actual abutment is abreast the $10,000 level, beneath which the amount may retest the $9,780 akin in the abreast term. If there are added losses, the amount may abide to accelerate appear $9,500 and $9,200.
Looking at the chart, bitcoin amount is acutely in a declivity from the $13,200 annual beat high. If the bears abide in action, it seems like the $8,880 bearish ambition (as discussed in the account forecast) could be analysis in the advancing days.
Technical indicators:
Hourly MACD – The MACD is acceptable to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still able-bodied beneath the 40 level.
Major Support Levels – $10,000 followed by $9,750.
Major Resistance Levels – $10,500, $10,620 and $10,800.
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